Big Ideas

[04:50] I tell a quick story about going to a Mumford & Sons concert with James Wedmore. We both wanted to buy t-shirts at the event, but the lineup was massive. James came up with a brilliant idea. He went to the front of the line and made a deal with someone who had been waiting for hours. He told a woman that he would be willing to pay for the cost of her t-shirt, if she was willing to purchase a few extras for us in return. She was blown away and took us up on the offer! We didn’t mind spending the extra $30 to buy her the 2 t-shirts she was looking to purchase, as it saved us at least an hour in line. So, we spent and extra $15 each, didn’t have to wait in line and didn’t miss a moment of the concert. Here’s how this winning idea can be applied to any business…

[07:16] The above story reminded me of a simple marketing principle… That a percentage of your audience are willing to pay a premium if you make things more convenient. People pay for convenience. People will pay a premium price for a seat that’s closer to the front of the plane. My wife and I will pay a premium to have fresh fruits & veggies delivered directly to our door. It saves us time from having to go to the grocery store or the farmers market.

[10:00] There will always be a percentage of people who will pay a premium to skip lines, to guarantee seats and to get whatever you’re offering in a more convenient way. If you want a fast and easy way to make more money with whatever you’re offering, think of a way that you can provide it in an easier, faster, more convenient format. Do that and you’ll make a lot more money!

Quotes to Remember

“People pay for convenience.” – Stu McLaren

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